Tesla shareholders on Thursday overwhelmingly approved a record-breaking pay package for CEO Elon Musk that could be worth up to $1 trillion, reaffirming investor confidence in the billionaire’s leadership despite ongoing controversies.
The compensation plan — designed to secure Musk’s commitment to Tesla as it expands into artificial intelligence and robotics — received more than 75 percent approval at the company’s annual meeting in Austin, Texas.
“I’d like to give a heartfelt thanks to everyone who supported the shareholder votes. I super-appreciate it,” a jubilant Musk said, drawing chants of “Elon! Elon!” from the crowd after the results were announced.
Under the plan, Musk’s stake in Tesla could rise from about 12 percent when the package was introduced in September to more than 25 percent if all targets are met. The deal ensures he remains with the company for at least seven and a half years.
Musk has described Tesla’s future as “nearly boundless,” predicting it will become “the most valuable company in the world by far” if it fulfills its ambitions in autonomous driving and AI.
However, he has previously suggested he might leave or reduce his involvement if his ownership share did not give him enough
